Press release
Fibromyalgia Treatment Market Size, Insights, Forecast, Growth, Trends 2024-2033
Fibromyalgia Treatment Market
The fibromyalgia treatment market size is expected to see steady growth in the next few years. It will grow to $3.28 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to growing geriatric population, rising healthcare expenditure, rising occurrence of musculoskeletal disorders, increasing research and development activities to develop better treatment. Major trends in the forecast period include advancements in treatment options, strategic collaborations, advancements in integration of technology, innovative treatments.
Market Overview -
Fibromyalgia treatment refers to the medications used to treat fibromyalgia, a complex and chronic medical condition characterized primarily by widespread and often debilitating musculoskeletal pain, along with a range of other symptoms. The treatment for fibromyalgia helps reduce the disease's severity and manage the symptoms and complications associated with the disease.
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Government Initiatives On Musculoskeletal Health Propel Growth In The Fibromyalgia Market
Rising government initiatives on musculoskeletal conditions are expected to propel the growth of the fibromyalgia market going forward. Government initiatives refer to specific actions, policies, programs, or projects undertaken by a government to address various societal issues, promote economic growth, improve public services, or achieve particular goals that benefit the nation and its citizens. Major government authorities are implementing several initiatives to help patients suffering from musculoskeletal conditions. For instance, in 2022, according to Musculoskeletal Australia, an Australia-based organization, the Australian government implemented the Own Your Health initiative. This initiative strives for overall self-care for patients suffering from musculoskeletal conditions for the next four years. Therefore, rising government initiatives on musculoskeletal conditions drive the fibromyalgia market.
Competitive Landscape -
Major players in the fibromyalgia treatment market are Pfizer Inc., Johnson and Johnson Services Inc., Roche Holding AG, AbbVie Inc., Novartis AG, Sanofi S.A., AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Eli Lilly and Company, Amgen Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Mylan N.V., Astellas Pharma Inc., Biogen Inc., Daiichi Sankyo Co. Ltd., Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., Horizon Therapeutics PLC, Endo International PLC, Amneal Pharmaceuticals Inc., Zydus Lifesciences Limited, Lupin Limited.
Market Leaders Focus On Innovative Microchip Technology For Fibromyalgia Treatment Advancements
Major companies operating in the fibromyalgia treatment market are focusing on developing technologically advanced solutions, such as microchip technology, to sustain their position in the market. Proprietary microchip technology is a specific type that utilizes a microchip to provide precise and targeted nerve stimulation to reduce symptoms associated with fibromyalgia. For instance, in November 2022, NeuroMetrix Inc., a US-based medical equipment manufacturing company, launched a Quell Fibromyalgia device through the Pathfinder Program, offering a novel solution for fibromyalgia symptom reduction. Quell Fibromyalgia, the first and sole medical device authorized by the U.S. Food and Drug Administration (FDA) for alleviating fibromyalgia symptoms, utilizes transcutaneous electrical nerve stimulation (TENS). This device was enabled by proprietary microchip technology and delivers precise, high-power nerve stimulation in a compact, wearable form factor optimized through position and motion sensing.
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Key Segments -
The fibromyalgia treatment market covered in this report is segmented -
1) By Type: Symptomatic Treatment; Targeted Treatment
2) By Drug Class: Antidepressants; Antiepileptics; Muscle Relaxants; Analgesics; Other Drugs
3) By Distribution Channel: Hospital Pharmacy; Retail Pharmacy; Online Pharmacy
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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